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The Preston City Centre Social and Business infrastructure is forecast to grow by £1bn over the next decade
Global Investments have recently started to offer the latest property investment offering in Preston, ‘The Exchange’ an exciting new development situated in the City Centre. Developed by The Heaton Group who have been developing for 45 years through 5 generations of The Heaton Family, The Exchange property investment comprising 200 stylish apartments offers a new standard of premium modern living to the local rental market. The development is Fully funded by HS Credit which is a subsidiary of a large international funding group called Hap Seng (market cap £4.5bn) Last year rents in Preston rose by 4% almost double the national average. Preston is flying, just check out some of these figures! Surely now is the time to be part of this continuing success story? The ‘Tempest programme’ of developing a future Combat Air system brings together UK Ministry of defence, BAE systems, Rolls Royce and MBDA UK is expected to generate at least £7.9bn GVA. The programme will support on average 5,000 highly skilled jobs per year directly employed on the programme and in the first tier of the supply chain. Providing productivity 31% higher than the Northwest manufacturing average. High Speed Two (HS2) is coming, the Government’s planned new high-speed railway, which will connect the North of England and Scotland with the Midlands and London. High Speed Two Limited (HS2 Ltd) is the company responsible for developing and promoting the new rail network. In July 2017, the Government confirmed the route for the next phase of HS2, known as Phase 2b, including a ‘western leg’ section running north from Crewe to Manchester and connecting to the West Coast Main Line near Wigan. HS2 Ltd has been developing designs to include changes to existing stations, including Preston, that will need to be made so that services can run along the West Coast Main Line to and from Scotland. Phase 1 target completion is 2026 (1 year of testing included) and Phase 2 target completion ranges from 2027 to 2033 (including 1 year of testing). At Preston the extension of the station will be complete in 2028 and open in 2029. It is expected four HS2 trains an hour will serve Preston station when Phase 2b is completed. Changes at the station will be made to accommodate the trains which will be up to 400 metres long. Two platforms will be extended and a new platform on the western side of the station will be built. The benefits of high-speed rail will be felt in Preston before this work starts, as new services will be introduced when trains start running on Phases One and 2a of HS2 between London, Birmingham, and Crewe. When these first phases open, services will run south from Preston on the existing railway to Crewe before joining the new high-speed railway to London and Birmingham. The Preston City Centre development ‘The Exchange’ due to complete in 2023 will offer to its residents an onsite Gym, Concierge, residents lounge and roof garden. With prices starting for apartments from around £131,000 for a one bedroom, £216,000 for a two bedroom and £234,000 for a three bedroom ‘The Exchange’ is very competitively priced with rental returns of 6% net. If you would like to consider adding ‘The Exchange’ Preston City centre to your property portfolio, contact us at Global investments to explore the options available. For further details on The Exchange and other UK property Investments please contact Ian Pask at ian@globalinvestmentsincorporated.com